Updated Dec 30, 2024
Yevgeniy Kandkhorov Of 1 Meridian Realty Represents Buyer In $28 Million Development Site Sale In Long Island City
11-33 44th Drive
$28,000,000
$1,400/SF
Building Size
20,000 SF
Asset Type
Development Site
Closing
Dec 10, 2024
About this deal
AI
The property asset involved in the transaction is a development site located at 11-33 44th Drive in Long Island City. The sale price for the asset was $28,000,000, with a total building square footage (BSF) of 80,000, resulting in a price per building square foot (PPBSF) of $350. The asset also features a total square footage (SF) of 20,000, translating to a price per square foot (PPSF) of $1,400.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $28,000,000
- Address: 11-33 44th Drive
- Market: Long Island City
- BSF: 80,000
- PPBSF: $350
- SF: 20,000
- PPSF: $1,400
- Buyer's Representative: Yevgeniy Kandkhorov - 1 Meridian Realty
- Seller's Representative: Matthew McMullen - Greiner-Maltz Real Estate
In this transaction, Yevgeniy Kandkhorov represented the buyer while Matthew McMullen represented the seller, facilitating the agreement on the development site in Long Island City.
On the Map
$28,000,000
$1,400/SF
Development Site
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Players
Long Island City Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.57%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93